Short answers, pulled from the story.
The session took place on the 28th of March 1974 at Burbank Studios in California. It was an impromptu jam that occurred after Paul and Linda McCartney dropped in on Lennon, who was producing Harry Nilsson's album Pussy Cats.
The session included Harry Nilsson, Stevie Wonder, Jesse Ed Davis, May Pang, Mal Evans, Bobby Keys, and producer Ed Freeman, who was working with Don McLean in a neighboring studio. Linda McCartney was also present and played organ.
It is the only known recording of John Lennon and Paul McCartney playing together after the Beatles' break-up in 1970. The two had not seen each other in three years and had publicly traded criticism before the session.
The title comes from a line audible on the first track of the recording, in which Lennon asks Stevie Wonder: "You wanna snort, Steve? A toot? It's goin' round." Critics noted the music reflected the intoxicated state of the session.
The bootleg first appeared in 1992 on the Mistral label. Lennon had mentioned the session in a 1975 interview, and May Pang provided more details in her 1983 book Loving John, but the recording itself circulated publicly only in 1992.
Critical reception was largely negative about the music itself. Uncut ranked it 40th among the fifty best bootlegs in 2015 but described it as "unspectacular banter and similarly unlegendary music" with "documentarily satisfactory/quiet/poor" sound quality. Pitchfork called the session "mythical, and yet the result was atrocious."